Ascott acquires first lyf-branded co-living property in Tokyo
The property will be acquired through the Ascott Serviced Residence Global Fund.
The Ascott Limited, the lodging business of CapitaLand Investment Limited (CLI), has acquired its first lyf-branded co-living property in Tokyo through its Serviced Residence Global Fund (ASRGF).
The 140-unit property will be named lyf Ginza Tokyo and will open in June 2023. It was the fourth asset acquired by Ascott in 2022 through the ASRGF, which has deployed about $400m across four countries in five months.
Following the acquisition of the Tokyo asset, ASRGF will have 12 properties with over 2,300 units across 91 countries. Other acquisitions made by the ASRGF this year include lyf Bondi Junction Sydney in June 2022, and the Somerset Hangzhou Bay Ningbo and Citadines Canal Amsterdam in March 2022.
“With the addition of lyf Ginza Tokyo, we are close to the full deployment of ASRGF. We seek to establish more lodging funds and attract like-minded capital partners to tap on Ascott’s established investment and operational expertise,” Mak Hoe Kit, Ascott’s Managing Director for Lodging Private Equity Funds and Head of Business Development, said.
Meanwhile, Ascott also reported that it opened 20 properties with more than 4,500 units in H1, a 56% increase from the same period last year.